04.Jul .2022 12:30

Turkish builders take on $4.6B in H1 projects abroad

Turkish builders take on $4.6B in H1 projects abroad
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Turkish construction companies undertook projects worth nearly $4.63 billion in the first half of 2022, data showed Sunday.

The companies took on some 132 projects that had an average cost of over $35 million, Anadolu Agency (AA) said, citing data compiled from Trade Ministry.

Since they took on their first contract overseas in 1972, the builders have undertaken more than 11,273 projects in 131 countries. The total value of the projects has reached more than $458.4 billion.

Over recent years, their businesses were delivered a heavy blow by geopolitical instability and uncertainties in multiple markets.

The size of the 354 projects they took on abroad in 2020 dropped to $15.9 billion, mainly due to measures to curb the coronavirus pandemic.

The figure rebounded to some $30 billion last year, as many countries eased the COVID-19 lockdowns.

Currently hit by sweeping sanctions over its invasion of Ukraine, Russia has been Turkish builders’ top market, accounting for 20.8% of all projects to date, whose size has reached around $94.5 billion.

Turkmenistan and Iraq follow with 10.9% and 6.9% share. Projects in the two countries have a total size of nearly $50 billion and $31.7 billion, respectively.

Libya, Kazakhstan and Saudi Arabia are among other markets where Turkish builders have undertaken the most projects, Daily Sabah reports